With no PoDs prior to April 1940, and without stopping the Fall of France* and prior to Hitler's invasion of Russia, how can Britain end up agreeing to peace with Germany, leaving the latter the supreme power on the continent?
And what happens next? I'd say it's safe to say Nazi Germany still invades the Soviet Union; does it happen earlier, and how it is it affected? What are the medium and long term prospects for Nazi domination of the European continent? Is it plausible, with the given PoD, for this "new order" to not only triumph, but survive for over a generation?
Going with the highest level of Nazi success plausible, what about the rest of the world? Do changes in Europe mean that decision making in Japan is altered; if so, do they stand a reasonable chance of avoiding the war escalation which would destroy the Empire of the Sun? Depending on how plausible an Axis "win" is with this PoD, there are a lot of potential areas of discussion...
*or, at the very least, the fall of the French Third Republic, resulting in an authoritarian/fascist, German friendly government